Archive for the 'Economy' Category
Microsoft Laying Off 5000 Employees
January 22nd, 2009Via: Seattle PI: Microsoft CEO Steve Ballmer sent an e-mail to all Microsoft employees this morning at 6:07 am, explaining the company’s cost cutting measures, including the slashing of 5,000 jobs over the next 18 months.
UK Cabinet Minister: ‘The banks are fucked, we’re fucked, the country’s fucked.’
January 22nd, 2009Via: Guardian: As the Treasury last night finalised its second sweeping banking revival package in three months, Downing Street was preparing to go on the offensive, justifying the package not as a bail-out for the banks, but an attempt to protect companies and families trying to secure a mortgage. The £200bn insurance scheme is not […]
Oil Is Steady as Demand May Climb on Obama Bank-Rescue Plan
January 22nd, 2009Another factor which could lead to higher oil prices is Obama’s upcoming trillion dollar clusterf*ck orgy of government spending on “recovery.” I don’t know what that’s going to entail, but it will, by definition, require a hell of a lot of oil. —Oil Via: Bloomberg: Crude oil was little changed after rising on speculation a […]
UK Cannot Take Iceland’s Soft Option
January 21st, 2009Well, anyone who thought that my comparison of New Zealand to Iceland was a stretch can bask in the Reykjavik on Thames reference from earlier today and now this. Holy shit. Via: Telegraph: The British government faces an excruciating choice. It cannot let Royal Bank of Scotland and its fellow mega-banks go to the wall. […]
Three Words That Should Strike Fear Into Anyone with Wealth to Preserve: Florida Hedge Fund
January 21st, 2009Via: AP: A missing hedge fund manager who owed investors a $50 million payout told his wife in a note he felt guilty about mismanaging people’s money, and threatened to kill himself, according to a sheriff’s report released Tuesday. However, the Sarasota County Sheriff’s Office said it believes Arthur G. Nadel planned his disappearance and […]
Riots in Iceland, Latvia and Bulgaria Are a Sign of Things to Come
January 21st, 2009Via: Times Online: Icelanders all but stormed their Parliament last night. It was the first session of the chamber after what might appear to be an unusually long Christmas break. Ordinary islanders were determined to vent their fury at the way that the political class had allowed the country to slip towards bankruptcy. The building […]
Life in Russia: Photos by Aleksey Petrosian
January 21st, 2009Large gallery on EnglishRussia.
Bernard Madoff, the Mafia, and Naked Short Selling
January 21st, 2009“One wrong word and he’s dead, his family is dead, etc. He knows it. He’s sticking to a script. …People involved with this, at the levels we don’t even know about yet, mainly, the management of day-to-day operations, are probably already dead.” —The Desperate Final Hours of the World’s Biggest Ever Financial Fraud “At some […]
Patrick Rocca, ‘Poster Boy’ of Ireland’s Celtic Tiger, Kills Himself
January 21st, 2009Via: Times Online: Patrick Rocca seemed to have it all. A poster boy for Ireland’s Celtic tiger economy, he lent Bill Clinton his helicopter whenever he was in Ireland for a round of golf and rubbed shoulders with Tony Blair at gala dinners. He played tennis with Sir Alan Sugar in Marbella and ran a […]
Jim Rogers: ‘Sell Any Sterling You Might Have. It’s Finished’
January 21st, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Sterling holders, consider reducing or eliminating your exposure to GBP denominated assets immediately. —Cryptogon, 18 September 2007 A bit late, don’t you think, Jim??? I’m glad that some Cryptogon readers in Britain have defended themselves by turning their pounds into gold […]
